In a win for insurance brokers, NIBA’s engagement with the ESL Monitor and NSW Treasury has led to the the section 30 order previously published by the Monitor on 2 June 2017, being withdrawn.
A new section 30 order has been issued that only applies to invoices or other statements issued for the renewal of a regulated contract of insurance which comes into effect after 1 July 2019.
This means that insurance companies and brokers are no longer required to provide clients with premium comparison information that had been required under the old order.
NIBA CEO Dallas Booth said this was a very sensible outcome for all concerned, “Clients and policyholders will still receive accurate information about the reinstatement of the emergency services levy on insurance premiums, and insurers and brokers will not have to go to the effort of providing a premium renewal comparison for the next two years.”
In effect, this delays for two years the practical implementation of the section 30 requirement. NIBA has provided a detailed briefing on all of these matters to members and ESLIM has now also issued updated Guidance and FAQs in relation to the new section 30 order.